How It Works
The Wallet is where the debits and credits of the crypto currency, Bit, happen. Every transaction is recorded in the Wallet as well as in the Afribarter Ledger. The Wallet is built using Blockchain technology to ensure cryptographic security and scalability.
The MarketPlace is a shopping portal which consists of listings of offers and wants. Both allow for inclusion into a category for quick and easy search, item description, a photo, a sales pitch and a price in Bit. A Bit is valued using the Big Mac index and Purchasing Power Polarity (PPP) as well as built in algorithms and AI for global currency equality.
Transactions in the MarketPlace are Peer Rated which promotes good, ethical business etiquette. Listings are geolocated to shop at nearby members to encourage community support.
Each Afribarter member has a verified individual or business account. The Account is were the Wallet, MarketPlace and Ledger link together. The Account is built using cryptography ensuring unsurpassed security and constant user and device verification for added security.
The Ledger is a central register of every Afribarter Bit (and affiliate cryptocurrencies) transaction. Every transaction recorded on the Ledger is digitally signed to ensure record integrity and security. The Ledger is publicly viable and transparent.
Benefits & Cost
The world-wide economic slowdown has resulted in a cash shortage, with more products and services available than there is currency to buy them.
Many companies and individuals in South Africa are battling with the issue of how to move stock or market their services in the current cash-strapped environment, making trade exchanges an increasingly attractive option.
In the all-consuming quest for improved bottom-lines, business owners often forget the fact that their products and services make up their core business and that this is where the true value lies.
Afribarter enables companies, individuals and professionals to trade what they have for what they need in a secure, economical, cashless environment. The fact that transactions are non-monetary means that members are able to enter the market without having large cash-flows.
For new businesses, gaining access to start-up capital has also been effected, with venture capitalists and banking institutions becoming more stringent in terms of which applicants qualify for loans.
Afribarter offers interest free funding*, in Bit, which can be used to pay for goods and services needed to launch or run a business. Funding is equal to the value of the item or service listed on offer.
* Listed items are pre-funded. When a pre-funded listing is removed, access to your wallet is removed.
- Cost Effective
- Interest Free Overdraft
- Move Excess Product & Services
- Cash saving: Each item bought on Afribarter is a cash saving
Purchases on Afribarter are funded with the sales of your goods and services to other members.
Transactions are cashless, which equates to a cash saving every time you buy. Barter what you have for what you need.
Afribarter transactions are secured by cryptography and digital signatures using Blockchain technology. Accounts are continuously being verified and Transaction Disputes and Listings are Peer Managed
- R20 (ZAR) Registration Fee payable via Premium Rated SMS
- 2% Transaction Fee payable in Bit
The Afribarter app, available in the Google Play Store and soon to be in the Apple App Store, is a DEMO app to give users the concept of simplicity and ease of use of Afribarter.
The Afribarter app is a prototype which is not yet functional but rather a
depiction of the main aspects of Afribarter.
The Login screen will include a registration process when the final Afribarter app is launched to ensure security and authenticity of its members.
To access the DEMO app use the following credentials…
- Username : admin
- Password : Afri123
The MarketPlace will have the same easy to use look and feel and will include GeoLocation, which is the identification of the geographic location of the user to search for nearby members to transact with. Because Afribarter is a community based trade exchange platform the development includes a QR code for face to face transactions. A QR code is an image, usually square, consisting of an array of black and white squares. The QR code is used for storing information about the item or service you wish to purchase which is translated using you cell phone camera. The familiar apps using QR codes are SnapScan and Zapper.
The Wallet is where your transactions are recorded. Purchases are depicted
with a red – and sales with a green + for simplicity. Each transaction is recorded in your Wallet as well as in the Afribarter Ledger where every
BarterBit transaction is recorded using Blockchain technology. Afribarter
hosts a secure holding wallet for payment delays, which are agreed to by
both buyer and seller, to allow for refunds should they be necessary.
The Account is a window into your Afribarter account showing you how many
Bit you have, quick access to your MarketPlace listings and
transactions. Your credentials are saved and managed here.
Watch this space for the official launch of Afribarter...coming soon!